TraceLink's Continued Momentum Fuels Strong Company Growth and Investments in Q4 2019
Grows leadership team with additional industry experts, significantly invests in research and development, and increases global footprint with new office openings and expansion
NORTH READING, Mass., March 10, 2020 /PRNewswire/ -- TraceLink Inc., a network-based platform company with the world's largest integrated digital supply network, today announced financial and company results for the fourth quarter of 2019.
Growth highlights for 2019 include:
- Revenue increase of 33 percent year-over-year, including growth in the following regions:
- 62 percent year-over-year revenue growth in India;
- 54 percent year-over-year revenue growth in APAC; and,
- 44 percent year-over-year revenue growth in EMEA.
- Other year-over-year increases include:
- 25 percent increase in bookings across all regions;
- 57 percent increase in research and development investments; and,
- Increase of 177 new customers.
- A two-year revenue compound annual growth rate (CAGR) of 46 percent.
- More than 1,270 customers across 50 countries by the end of Q4:
- 65 percent of customers represent pharmaceutical and contract manufacturers;
- 6 percent of customers represent wholesale distributors, 3PLs and repackagers; and,
- 29 percent of customers represent pharmacies, hospitals, clinics and health systems.
"The last quarter of 2019 represented considerable growth for TraceLink and puts the Company in a very exciting position for 2020. The combination of our rapid network expansion with our new Digital Network Platform has inspired our customers to realize how their serialization investments can be leveraged to combat industry-wide challenges such as drug shortages and recalls," said Shabbir Dahod, president and CEO, TraceLink. "The momentum will continue this year, as we bring new products to market that will help companies digitally optimize their supply chains and benefit from serialized inventory with a digital supply network. We remain committed to making the necessary investments for long term success to support our mission of creating a healthier, safer world."
Additional Q4 Company highlights and milestones include:
- Expanding its bench of industry leadership – making several strategic new hires including former Merck KGaA thought leader Bharath Sundararaman to drive strategy for the deployment of advanced analytics.
- Receiving acknowledgment for ongoing, sustainable growth – ranking as a fastest growing company in North America on Deloitte's 2019 Technology Fast 500™ for the fifth year in a row.
- Expanding its global presence – opening a new state-of-the-art Development Center in Pune, India, and expanding its existing office in Mumbai, as well as its corporate headquarters in Massachusetts, for a total of six global TraceLink office locations.
- Providing additional compliance and services support in Saudi Arabia – partnering with Saudi Azm to help pharmaceutical companies in the Kingdom of Saudi Arabia comply with aggregation and reporting regulations.
- Consistently supporting companies in their DSCSA compliance journey – with over 160 customers selecting TraceLink's Verification Router Service to meet the saleable returns verification requirement deadline.
- Demonstrating immense growth and unparalleled scalability on the TraceLink network – with more than 8 billion serial numbers commissioned to date and over 11,250 connections allowing network members to seamlessly exchange data.
TraceLink is a network-based platform company that leverages its digital supply network and digital network platform to bend the supply chain around the patient. Through its industry-leading digital supply network, the TraceLink Digital Network Platform can enable seamless data sharing and process orchestration across the entire healthcare industry, enabling the creation of a real-time, patient-driven supply network. Leading life science companies, hospitals and retail pharmacies trust TraceLink to deliver complete global connectivity, visibility and traceability of pharmaceuticals, ensuring that every patient gets the medicines they need, when they need them, safely and securely. For more information on TraceLink and our solutions, visit www.tracelink.com.
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SOURCE TraceLink Inc.